Arthur Hayes: As long as the national debt interest rate is lower than RRP, market liquidity will not improve

Odaily reports that BitMEX co-founder Arthur Hayes posted on X platform, "Here are my thoughts on why the Federal Reserve's interest rate cut plan did not meet expectations: Since Powell announced a September rate cut in Jackson Hole, Bitcoin has fallen 10%, why? I believe that interest rate cuts are beneficial for risky assets. The overnight reverse repurchase (RRP) pays an interest rate of 5.3%, which is higher than any Treasury bond yield under one year. Money Market Funds (MMF) will shift funds from Treasury bonds to RRP, which is negative for liquidity. Since the Jackson Hole meeting, RRP has increased by $120 billion. I think as long as the Treasury bond yield is lower than RRP, this situation will continue."